PANews reported on January 5th that, according to Yu Jin, with ETH rising to $3,200, both Trend Research and the "$230 million whale" – two major institutional investors – have broken even and turned their long ETH positions into unrealized profits. The whale opened long positions in 203,000 ETH (approximately $647 million) through Hyperliquid, with an average cost of $3,147, and currently has an unrealized profit of approximately $14 million. Trend Research, on the other hand, purchased 626,000 ETH (approximately $2 billion) through Aave leverage, with an average cost of $3,186, and currently has an unrealized profit of approximately $8.77 million. Previously, both had unrealized losses of up to $74 million and $141 million, respectively.